On Monday, Rumble announced its intention to acquire Northern Data in a stock-for-stock transaction valued at approximately $1.165 billion. The offer proposes issuing 2,319 new Rumble Class A shares for each Northern Data share. If accepted fully, Northern Data shareholders would own approximately 33.3% of Rumble. Tether, the issuer of the largest stablecoin, USDT, and the majority shareholder of Northern Data with 54% stake, signaled its support for the offer. Upon completion, Tether would become Rumble’s largest Class A shareholder with a multi-year GPU supply commitment. Following the news, Rumble’s shares rose 20% to $9.48 in pre-market trading.
Awaiting Approval for the Offer
Rumble stated that the combined entity would prioritize leadership in AI cloud services along with global data privacy and independence. Chris Pavlovski, Chairman and CEO, affirmed his intention to retain majority voting control in Rumble and support the offer positively. The company emphasized that the offer is contingent on Rumble’s board decision, final negotiations, and due diligence processes.
Northern Data announced a 72% increase in its revenue, reaching $109.8 million in the first half of 2025. This growth was driven by Taiga Cloud and Peak Mining, with mining revenue up by 49% to $62.3 million due to increased capacity and a rebound in Bitcoin 
$77,196 prices.
Sale of Mining Unit Required
The offer stipulates the disposal of Northern Data’s Bitcoin mining division, Peak Mining, before the transaction’s completion. A non-binding agreement has been reached for its sale to Elektron Energy for up to $235 million. The proceeds are intended to reduce Tether’s current loan to Northern Data, with remaining balance retained under modified terms. Rumble will not assume any responsibility for this credit.
Even with the mining assets excluded, Rumble endorses a corporate Bitcoin treasury strategy, having accumulated 210.8 BTC, currently valued at approximately $25.6 million. Should the transaction conclude, Rumble aims to integrate Northern Data’s Ardent data centers and Taiga GPU services, incorporating over 20,000 Nvidia GPUs and around 850 MW deployed capacity into its infrastructure. Additionally, a strategic expansion of 180 MW is planned in Maysville, Georgia. The target closing is set for the second half of 2025, pending regulatory approvals and final decisions in the US and Germany.
